Performance Shipping Reports Strong Fleet Utilization, Fleet Expansion

Performance Shipping reported its third-quarter financial results for 2025, highlighting solid fleet performance amidst softer market conditions.

For the three months ending September 30, 2025, the company posted net income of $3.9 million, a decrease from $12.4 million in the same period in 2024. This drop was primarily driven by reduced time-charter equivalent (TCE) rates and a decrease in available fleet days due to the scheduled drydocking of its Aframax tanker, M/T P. Aliki. Despite these challenges, the company’s revenue reached $18.5 million for the quarter, a slight decline from $22.9 million in Q3 2024.

Performance Shipping’s fleet of tankers saw an average TCE rate of $29,460 per day in the third quarter, down from $34,307 in the prior year. The company’s balanced deployment strategy, with a combination of spot market exposure and time-chartered vessels, supported revenue generation, particularly as Aframax rates averaged $37,500 per day.

For the nine months ended September 30, 2025, Performance Shipping reported a net income of $42.4 million, an increase from $34.0 million during the same period in 2024, with earnings per share of $3.30 (basic) and $1.09 (diluted).

Andreas Michalopoulos, CEO of Performance Shipping, commented on the company’s strategy, noting that the strong tanker market, driven by high global demand and geopolitical factors, continued to support its performance. "Our fleetwide deployment strategy continues to generate stable cash flows, even as we manage increased operating costs and financing expenses," said Michalopoulos.

Looking ahead, the company is focused on expanding and modernizing its fleet. Performance Shipping has recently agreed to acquire two 2019-built, eco-design Suezmax tankers, scheduled for delivery in early 2026. These vessels will be employed under long-term time charters at $36,500 per day, further enhancing the company’s revenue visibility. In addition, the company recently secured a two-year time charter for its Aframax tanker, M/T P. Long Beach, at $30,500 per day.

With these new acquisitions, Performance Shipping aims to continue its fleet renewal strategy, increasing its operating capacity by 75% since the end of 2024, while reducing its fleet’s average age from 13.6 years to 9.2 years. The company’s secured revenue backlog now stands at $330 million, with 70% of its 2026 revenues already secured under time charters.

Performance Shipping’s strong liquidity position, supported by a recent $100 million Nordic bond issuance, leaves the company well-positioned to capitalize on market opportunities and continue its growth trajectory.

The company’s strategic investments, combined with the solid fundamentals in the tanker market, are expected to drive continued success in the upcoming quarters, particularly during the seasonal winter demand for Aframax tankers.